Families Pay More This Christmas With Biden’s Inflation
This morning, the U.S. Department of Labor announced that inflation is at 7.1 percent. This is the 11th consecutive month that Michiganders are facing over 7.0 percent inflation rates and the 18th consecutive month of inflation over 5.0 percent. Michigan families and seniors continue to face some of the highest inflation rates since the 1980s.
"Christmas gifts and travel are costing Michigan families more this year as they face another month of rising prices across the board. Families have been squeezed by the trillions in partisan spending by President Biden and they have endured a difficult year of record-high gas costs, rising food prices, and higher home energy bills,” said Congressman John Moolenaar. “In the new year, I will continue the work I have been doing to fight Biden’s spending policies so we can rein in inflation, develop more American energy, and get the country back on track.”
On Sunday, in an interview with “60 Minutes,” Treasury Secretary Janet Yellen, who once predicted inflation would be “transitory,” said Americans would have to live through a third year of painful inflation after enduring price hikes in 2021 and 2022. She said inflation would not end until the end of 2023.
Janet Yellen: I think we'll see a substantial reduction in inflation in the year ahead.
Norah O'Donnell: It's gonna take a year?
Janet Yellen: Well, I believe by the end of next year you will see much lower inflation.
